Simply put, marketing is the process of promoting and selling of products and/or services. Marketing is essential in business growth. And for a business to stay on top, they need to explore different marketing strategies. And what are these strategies? Each marketing strategy is unique and you shouldn’t confuse them with each other. It is important to differentiate each for a business to be able to identify which works best for their business. The type of strategy you should use depends on the line of industry you are in. Here are some of the most effective strategies you could use for your business:
- Online/Internet Marketing
Obviously this happens on the internet. Your products and services reach people through the internet. Most businesses nowadays have websites that allow them to promote their products. Social media platforms are also used in internet marketing. This is proved to be effective as there are around 3 billion people on the internet these days.
- Paid Advertising
It includes traditional approaches like print media and television advertising. This is mostly used by large companies.
- Cause Marketing
This is an approached used by Toms Shoes, a shoe company. If you buy a pair from them, they will give away one pair for free to someone in need. It is an effective marketing strategy as it convinces people to buy your products because of their desire to help.
- Transactional Marketing
This approach is mostly used by retailers. They convince people to buy products by giving out coupons, discounts and conducting sales events.
- Word of Mouth Marketing
Traditionally, this is the most important marketing technique. People sometimes rely on testimonials of other people who have already tried a certain product. In order to produce word of mouth, a company should be able to deliver exceptional customer service
- Relationship Marketing
This type of strategy is done through enhancing relationship with existing customers to promote loyalty. People like the feeling of being valued and they don’t like to feel pressured to buy something.
- Undercover Marketing
This approach is not obvious to consumers as they will not know that you are marketing your product to them. It’s like getting them excited about your product/service without actually asking them to buy.